A cutting tool for use in a turning operation or a milling operation has a cutting insert that is replaceably mounted in a tool head or a cutter body. FIG. 1 shows a prior art cutting tool disclosed by U.S. Pat. No. 3,316,616. Referring to FIG. 1, the cutting tool 30 has a tool head 31, a cutting insert 32, a tilt pin arrangement and a clamp 36. The tilt pin arrangement includes a tilt pin 33, an intermediate part 34 and a screw 35. As the screw 35 is fastened to the tool body 31, the intermediate part 34 is pushed toward the tilt pin 33 and the tilt pin 33 thus presses the cutting insert 32 against a seat 37. Further, the clamp 36 pushes the cutting insert 32 via a chip breaker 38, thereby securing the cutting insert 32 to the tool head 31.
FIG. 2 shows a milling cutter as another prior art. Referring to FIG. 2, the milling cutter 40 has a cutter body 41, a cutting insert 42, a clamp stud 43 and a set screw 44. The clamp stud 43 has a body 43a and a head 43b. The cutting insert 42 is placed on an insert pocket 41a formed in the cutter body 41. Then, the body 43a of the clamp stud 43 is inserted to a hole 41b formed in the cutter body 41 through the cutting insert 42. Thereafter, the set screw 44 engages the body 43a of the clamp stud 43, thus moving the clamp stud 43 downward along the hole 41b. As such, the head 43b presses the cutting insert 42 to the cutter body 41 and secures the cutting insert 42 to the cutter body 41.